Am I correct in assuming that the fact that my conveyancer in Southampton is not on my bank's solicitor panel that there is a problem with the standard of the firm’s conveyancing?
That is most likely a wrong assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the Southampton conveyancing practice and enquire why they are no longer on the approved list for your bank.
My wife and I are nearing an exchange on a flat in Southampton and my parents have transferred the 10% deposit to my conveyancer. I am now told that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my mortgage company. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
The conveyancer is duty bound to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I purchased my house in Southampton. Conveyancing solicitors have recently been instructed on the sale but I am unable to track down my deeds. Is this a major issue?
You need not be too concerned. Firstly the deeds may be kept by your lender or they could be in the possession of the lawyers who handled the purchase. Secondly in most cases the title will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. Most conveyancing in Southampton relates to registered property but in the rare situation where your property is unregistered it is more tricky but is resolvable.
I have todaybeen informed that Stirling Law have closed. They conducted my conveyancing in Southampton for a purchase of a leasehold apartment 18 months ago. How can I establish that the property is in my name in the name of the former proprietor?
The quickest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Southampton conveyancing specialists.
How does conveyancing in Southampton differ for new build properties?
Most buyers of new build or newly converted property in Southampton contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Southampton tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Southampton or who has acted in the same development.
Can you provide any advice for leasehold conveyancing in Southampton from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Southampton can be avoided if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers. Many landlords or Management Companies in Southampton charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Southampton. You believe that you know the number of years left on your lease but you should verify this by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you have had conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unresolved.
Southampton Leasehold Conveyancing - A selection of Queries before Purchasing
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Is anyone aware of any major works on the horizon that will add a premium to the service costs? The prefered form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this situation the leaseholders benefit from being in charge if their destiny and even though a managing agent is frequently employed where it is bigger than a house conversion, the managing agent is directed by the tenants. What is the length of the lease?